Metamask Challenger XDEFI Wallet Acquires $6M to Scale its DeFi Wallet

XDEFI Wallet, a next-gen browser wallet, is pleased to confirm that it has completed a $6 million round that was led by Mechanism Capital along with contributions from DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures, CoinGecko, and DeFi industry participants such as Darren Lau (The Daily Ape), Mark Zeller (Aave), Scoopy Trooples and Mariano Conti.

Mechanism Capital General Partner, Andrew Kang, stated:

“The crypto landscape has gone through immense change in the last year through the explosion of DeFi, NFTs, and Multichain ecosystems. We are excited to back the XDEFI team, which built a beautiful product for users to take full advantage of the true Web3 experience.”

The browser wallet space has mostly been dominated by MetaMask, which is mainly focused on Ethereum (ETH) compatible blockchains and wasn’t really developed to cater to DeFi users’ requirements, the announcement explained.

Other browser wallets like Terra Station or Phantom were created in order to support a specific Blockchain. Because of this, DeFi users “end up downloading several wallets to interact with different ecosystems at the expense of speed and security,” according to a release.

As noted in the announcement, XDEFI Wallet’s Chrome extension is “engineered to deliver the fastest possible experience for DeFi and NFTs.”

The release also mentioned that “unlike its competitors, it achieves this through native integrations with nine blockchains, proprietary gas pricing algorithms to ensure users never miss a block, and by automatically adding new token contracts to users’ wallets.”

XDEFI Wallet CEO, Emile Dubié remarked:

“In DeFi and NFTs, speed is alpha. The faster you can get into a mint, the faster you can move across chains, the faster you can sign a transaction – these things determine your ability to seize an opportunity or not. XDEFI Wallet has been built to give DeFi users a speed edge.”

Recently. the initiative completed an invite-only Beta with more than 20,000 users and will be “available for public release in early October,” the release confirmed.

Since its inception in August of last year, XDEFI Wallet has managed to scale from a team of only 4 to a team of 25 “with talents previously at Bloomberg, Consensys, B2C2, and Boston Consulting Group.”

XDEFI Wallet will be using the proceeds to “launch proprietary integrations with Terra and Solana, and deepen its existing integrations with THORChain, Ethereum, and other EVM powered networks.”

The team’s vision long-term is to “create a suite of products bridging different Blockchain ecosystems together in an effort to improve accessibility to the best DeFi and NFT opportunities,” the announcement noted.

As mentioned in the update, XDEFI Wallet is a browser extension wallet that is “engineered to give DeFi and NFT users an edge.” It claims to be the only wallet “with native integrations on THORChain, Terra, Ethereum and several EVM networks.”